ISBPMWeek 2AssessmentChirsmita Gupta
.docx
School
Indian School of Business**We aren't endorsed by this school
Course
BUSINESS PMP
Subject
Marketing
Date
Dec 18, 2024
Pages
4
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Required Assignment 2.4: Leverage the Product Development Process to Build anEffective New Offering at Your Workplace<Chirsmita Gupta>Suggested time:120 minutesAssignment InstructionsAssume you have an idea, of a new product, that you wish to work upon within your current organization. Out of excitement, you emailed your CEO with all the brainstorm-dump, which he replied to saying, “Please send an executive brief of what you wanted to be built, why, and how”. Through this assignment, you will create a brief document about this new product offering you’d like to be built. This template document has different sections (with examples of what you can write) that requires you to fill in your thought-process for how you would execute each step from idea to launch. This is your chance to shine. Impress your CEO!Note: This is a required assignment and counts towards your programme completion.IdeaProduct Management Page 1Bamboo Phone Cases – A sustainable way to protect your phone and our planet. Utilizing bamboo to create phone cases presents a compelling opportunity in the context of growing environmental awareness and demand for sustainable products.Idea Generation- -Environment Benefits - Bamboo is sustainable, it reduces carbon footprint and is biodegradable.-Functional Qualities – A bamboo case will protect the phones against drops and scratchesas bamboo is durable and strong.-Market Differentiation – It’ll keep up with the eco-friendly trend. Opportunity Identification-Target Markets – A bamboo case will attract both eco-conscious and premium product enthusiasts.-Competitive Advantage – A bamboo case can stand out in the market as it is a sustainable alternative to plastic and will attract brands that position themselves as eco- friendly (collaboration).-Retailing Options – Establishing presence in eco-friendly stores, online marketplaces, and specialty boutiques can help target the right customer base effectively.
ConceptProduct Management Page 2Customer Needs and Value-Bamboo phone cases meet the growing consumer concerns about environmental sustainability by offering an eco-friendly alternative to plastics. They provide high value through their superior durability, unique designs and textures, and customization options, which reflect personal style. Customers appreciate the combination of environmental benefits, high product quality, and distinctive aesthetics, finding the higher price justifiable due to the premium attributes and overall cost-effectiveness of bamboo cases.Product Market-The product market for bamboo phone cases includes eco-conscious consumers seeking sustainable and environmentally friendly products, tech-savvy individuals attracted to unique and high-quality accessories, and customization enthusiasts who value personalized and customizable options.Market Structure-Competitive Market – The market for phone cases is very competitive with numerous options from in terms of material and designs. Since bamboo will be competing against these players understanding their strategy can help position the bamboo case effectively. -Market Saturation – The phone case market has become monotonous and introducing a bamboo option will bring some freshness in the market.Testing the Concept-Conducting Market Research – Using techniques like surveys, focus groups and competitor analysis to understand the market for this concept.-Prototype Testing – Develop and test different variations of the bamboo case to zero down on the best one, then manufacture a batch to test real time by distributing it in a small group of selected people (preferably within the company) and gather feedback. -Price analysis - Test different pricing models to determine the optimal price point that balances affordability with perceived value and assess how pricing impacts demand and sales potential.-Cost Analysis:Evaluate the production and material costs to ensure the pricing aligns with both profitability and market expectations.-Market Testing Campaigns – Do a small-scale marketing campaign to test the advertising channels and branding. Measure the interest and conversion rate. Measurethe interest the retailers are showing towards stocking the product and ask for feedback from them. Based on the testing result decide on the go/no go. If it is a no go, then back to the drawing board ensuring all necessary changes and upgrades are done based on the feedback and data gathered during this phase.
Marketing Strategy and Pre-launch MarketingProduct Management Page 3Product -Features – Highlight that the bamboo case’s eco-friendliness, uniqueness, durability andits customization options. Emphasize on the use of sustainable material which will help is reducing plastic usage and wastage. -Design Variations – Offer a wide range of designs and sizes variations to suite the usersand the phone models. Price-Pricing strategy – Since the cost of manufacturing is slightly higher than the plastic phone case the pricing of this case will be slightly higher. The attempt will be to position this product as a premium, eco-friendly phone case. The pricing will differ based on the level of customization as well. Place-Online Retailers – Targeting all major e-commerce platforms to reach a broader audience. Design a user-friendly website to establish our own web presence. -Retail Partnership – Eco-friendly stores, phone accessory stores, company stores and boutiques that align with the product's sustainable and premium positioning.Promotion-Prelaunch strategy – Email marketing, content marketing, influencer partnerships, socialmedia campaigns and teaser campaigns. -Launch strategy – Run special launch offers, ensure there is media coverage and press releases and host launch events. Early AdoptersEco-conscious consumers, tech enthusiasts and customization seekers.Acquisition Strategy for early adopters-Influencer collaboration – Partners with social media influencers who emphasize on sustainable living and promote eco-friendly products. -Community engagement – Engage in communities and social media groups that focus on sustainability, participate in discussions and share information about the bamboo phone case to build interest.-Targeted advertisement - Use digital marketing tools to create targeted ads aimed at eco-conscious and tech-savvy audiences. Leverage platforms like Google Ads and social media targeting to reach these groups effectively.-Pre-order offers – Run exclusive pre-order offers to attract customers.
TestingLaunch StrategyProduct Management Page 4Prototype testing – Ensure that prototypes are developed and thoroughly tested against all functions and quality metrices. User testing – Test the product in a small, controlled group first. Test on factors like durability, aesthetics, functionality and customization. Market testing – Pilot launch in a selected market and gauge the initial market response. Collect feedback from these customers and analyze the real-world response. Analyze the sales data to understand customer purchase patterns and response to pricing and promotion. Based on the data collects make revisions, if necessary, re-test and repeat until desired results areachieved.Prepare for full launch.Events – Host both virtual and physical events to increase curiosity amongst customers.Marketing - Run targeted social media ads, leverage influencer partnerships, and use engaging content to promote the product.Special offers – Run promotional offers such as limited-time discount, early bird deals etc.Post launch strategy Engage with customers to collect feedback, provide customer support and address any issues. Maintain customer interest by ongoing promotions and updates.